Bitcoin price is still trading below $ 8,000 and both the traditional and cryptocurrency markets are suffering from the extreme developments due to Corona virus spreading globally.
However, the fact that BTC has filled the CME gap seems to rekindle hope for traders in the short term (2 months before halving). Yes, it is likely that the price of BTC will continue the uptrend.
'There is no space below current price '
According to trader Carl Eric Martin (aka The Moon Carl), BTC has filled the CME gap at $ 7,685. From this point on, the market is likely to receive bull run, suggesting that BTC is a truly safe haven asset.
BIG NEWS: #Bitcoin just filled the $ 7,685 CME gap!
There are now NO MORE GAPS below $ BTC
So, we can finally get this bull run started as a safe haven asset!
– The Moon (@TheMoonCarl) March 9, 2020
“Big news: BTC has just filled the CME 7,685 gap dollars!
There are currently no gaps below BTC
So we can finally start bull trembling as a safe haven asset! "
8,200 – $ 8,500 in anticipation
Michael van de Poppe (aka 'Crypto Michael') believes that BTC could rise towards $ 8,200 or even $ 8,500 as a relief. However, analysts tweeting major support levels of $ 7,300 – 7,600 needs to be tested.
Still remaining unchanged here.
We might have a small relief bounce towards $ 8,200 (and maybe even $ 8,500).
But primary support levels to bested is the region $ 7,300-7,600. pic.twitter.com/ZpZfsxf6ht
– Crypto Michaël (@CryptoMichNL) March 10, 2020
"BTC has not changed here.
Price possible increase minor relief up to $ 8,200 (and even $ 8,500).
But the main support level must test is an area of $ 7,300-7,600 ".
Trader George agrees that so far BTC can still target the $ 8,000 region.
Eyes on Mon low if we dump from here. Although we haven't taken any key highs out so I still think we go for 8k's first for now. Let's see what we get. pic.twitter.com/q81aVAB98b
– George (@ George1Trader) March 10, 2020
“Will reach low of the day 2nd if dump from here. Although we have not given any top important so I still think up till now price will come 8K dollars first. Let's see".
Bear thi uy now
SinkTrader has reminded the community of the current global market downturn, of which the Corona virus is a major contributor. SinkTrader believes that whales are pushing the BTC price down to $ 6,000 to buy the dip before the next bull market breaksout.
– Markets collapsing
– Global Economic Recession
– CoronaVirus fears#Bitcoin is being manipulated down to below 6K for whales to buy in at the bottom before the next bull market.
Trust me, I won't be wrong. pic.twitter.com/qwZ8ZyrVmj
– SinkTrader (@SinkTrader) March 10, 2020
"The market collapsed:
– The global economic downturn
– Concerned that Corona virus is manipulating BTC to 6K dollars to buy bottom before the next price increase.
Believe me, I won't be wrong. "
However, Feras_Y thinks these stories are just a common opinion on crypto Twitter. In fact, this is the first time the global market has faced such a big sell-off, so no one can predict what will happen to BTC.
– Feras_Y (@ FeraSY1) March 10, 2020
"Opinions about the BTC dump:
Lap full / edit space
Corona virus causing panic selling
CAsian elephant manipulation before halving
Real the imo:
This is the first time that cryptocurrency markets have sold off with global market, so is not who knows how BTC will react ".
While prices continue to fluctuate below $ 8,000, those who hate BTC continue to attack with criticism. In it, trader Willy Woo shared his views on the current situation with the community, calling the events that the market suffered as a black swan.
'Crypto market is facing black swan'
Trader Willy Woo shared a chart of “on-chain investor activity”. He tweeted the long-term outlook that looks good. However, in the short term, it looks very 'weird', as if something has attacked the coin, such as the Corona virus.
I was totally wrong on this call … “no chance this is a top” just below 10k.
The market right now, crypto and traditional, is undergoing a black swan.https://t.co/bq18x4VAQM
– Willy Woo (@woonomic) March 10, 2020
"I was completely wrong in predicted times This … “no peak ability” below 10k.
Market Cryptocurrencies and traditions right now are encountered black Swan”.
The community convinced John Bollinger about Bitcoin
John Bollinger expressed his surprise at the recent drop in Bitcoin price, first from the 9,100 area to $ 8,900 and then below the $ 8,000 level.
Well-known trader CryptOrca tried to convince Bollinger to say that this is just a test to see how BTC works compared to other markets.
imo it takes decades to prove beeing a “safe haven asset”. This is just a first test for #bitcoin, how will it hold and how low will we go compared to other markets.
– CryptOrca (@CryptOrca) March 9, 2020
“PCustoms took decades to prove a “safe haven property”. This is just the first test for BTC, how it will hold and so low How does it compare to other markets? “
The influential Crypto_Bitlord in the XRP community has reminded Bollinger that in the past few days, BTC has fallen far less than other major assets. While BTC lost about 10%, oil fell 30% and government bonds 52%.
Peter Schiff lashed out at Bitcoin again
The extremely hated BTC organizer Peter Schiff once again gave bitter words in the chaotic context of financial markets. He said that the news couldn't be better when halving BTC after only 2 months. However, he stated, the price action is largely reduced, so 'it looks like BTC prices will be split in half.
With the #Bitcoin halving just two months away and global financial markets in turmoil, the news couldn't be more bullish for Bitcoin. Yet the price action couldn't be more bearish. Looks like dressed Bitcoin's price that will be halved! Not exactly the halving hodlers expected.
– Peter Schiff (@PeterSchiff) March 9, 2020
"Halving BTC is just after 2 May, and global financial markets were in turmoil, news could not rise in value for Bitcoin. Hprice action will reduction much than. It seems the BTC price will split in half! Incorrect as the The expected hodler about halving ".
'Short-term sell-off of Bitcoin'
Analyst Michael van de Poppe shared about the Corona virus, saying that due to the simultaneous outbreak of the virus and the economic downturn, the disease became a 'scapegoat'.
I'm starting to believe that the coronavirus is a scapegoat for the upcoming recession caused by the financial system's irresponsible policies and boundaries.
We might have some short term sell-off on cryptomarkets, but I think educated the years of commodities & Bitcoin.$ BTC
– Crypto Michaël (@CryptoMichNL) March 9, 2020
"I began to believe that the Corona virus is 'Animal sacrifice' for policies and the irresponsible financial system cause recession coming.
Có still some short-term sell-offs on cryptocurrencies, but I think the years of commodities & BTC. "
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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